In a recent interview with ForkastRonit Ghosh, global head of banking, fintech and digital assets for Citi Global Insights, said Dubai is the new go-to destination for crypto enthusiasts as the country continues to implement crypto-friendly policies. and attract companies from all over the world. set up their business in the country.
Dubai: A Land for Crypto Enthusiasts
Ghosh applauded the efforts of UAE leaders to develop regulatory policy for cryptocurrencies and exchanges as well. He further added that leaders have been pushing Dubai to become a crypto haven for investors which could be fruitful for the nation.
“You have received very clear messages from the leaders of the country that we will try to regulate this,” said Ronit Ghose. Forkast. “ADGM [Abu Dhabi Global Market] in Abu Dhabi, Dubai, a virtual asset regulator was announced recently,” said the global head of banking services at Citi Global Insights. “They are putting frameworks in place to enable regulation.”
Dubai and Abu Dhabi have made headlines due to their crypto-friendly policies and regulations. Ghosh further stated that “there is a pro-future or pro-technology agenda” that the UAE seems to follow. He further explained how easy it is to set up a business in the UAE compared to bigger economies which he compared to “oilers”.
“I speak generically in relation to many countries. You can just look at the stats, the number of days, the number of hours,” Ghose said. “Thus, the process of incorporating a business is relatively easy.”
Ghosh added that Dubai is in the right direction. Although this is a very initial phase for the crypto industry, the country has paved the way for a number of business opportunities. “It’s not perfect yet, but it’s a great kind of first step,” Ghosh said.
UAE Goes Crypto
Many businesses migrated and expanded to the United Arab Emirates, with Abu Dhabi and Dubai becoming the preferred locations. Recently, Nischal Shetty and Siddharth Menon, co-founders of Indian cryptocurrency exchange WazirX, have migrated to the nationbecause people wonder if WazirX could move its HQ there.
“Many Indian Web3 and crypto founders have settled there, but also in China, Russia, Western Europe, UK,” Ghosh noted.